The introduction of enabling technology like artificial intelligence (AI), machine learning, big data, and robotics has made it possible for small and medium sized enterprises (SMEs) to bring unique and innovative ideas to market quicker than ever before. However, to ensure that SMEs can effectively capitalise on ideas and innovations, Intellectual Property (IP) needs to become a vital part of the business journey.
This year, World Intellectual Property Day specifically looks at how IP enables SMEs to successfully take their ideas to market. Through turning an initial idea into a secured IP asset, small businesses have the opportunity to drive not just business development and profit margins, but human progress through promoting future industry innovation and growth.
Championing local innovation and supporting home-grown small businesses has become a key focus for communities across the world throughout the COVID-19 pandemic. Currently around 90% of businesses globally are SMEs, which shows the vital role of small businesses in both our global and local environments. However, what we see on a regular basis is that many SMEs do not realise that they hold valuable IP assets that need to be protected.
Through ensuring the protection of IP assets i.e., trade marks, patents, registered designs, and copyright, SMEs can turn innovative and unique ideas into value-generating business opportunities. While IP protection holds massive advantages for businesses, it can also be a complex process, especially with advances in technology. Therefore, securing IP assets requires the advice and guidance from an experienced IP law firm such as Adams & Adams.
IP law affords individuals and businesses the rights to their own original ideas and innovations. We are here to assist SMEs to adequately protect their IP assets and profit from their ideas and inventions exclusively, receiving the recognition that they deserve. Contact our IP law team today.